Volume picked up on Thursday and the S&P managed to close above 3000 for two days in a row. Trading though was choppy but stayed in a tight trading range from 3000 to 3016.
Stock Market Outlook Chart Comments At The Close on Thu Oct 24 2019
The SPX chart is still bullish and back above 3000, for a third close above 3000 this week. All the closes above 3000 though are within just a few points of each other as the index continues to drag itself sideways.
The closing candlestick is bullish for Friday.
All the major moving averages are still climbing and now the 21 day moving average is also turning back up.
The Upper Bollinger Band is starting to rise which could indicate strength to the upside could be building.
The two buy signals from September are still in place.
Stock Market Outlook review of Thu Oct 24 2019
Stock Market Outlook: Technical Indicators Review:
Momentum: Momentum is positive and moving sideways.
- Settings: For momentum I use a 10 period when studying market direction.
MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Tue Oct 15 2019. The up signal was unchanged on Thursday.
- Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9.
Ultimate Oscillator: The Ultimate Oscillator signal is positive and moving sideways
- Settings: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months.
Slow Stochastic: The Slow Stochastic has a neutral signal in place and is extremely overbought.
- Settings: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day.
Relative Strength Index: The RSI signal is moving sideways
- Settings: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor. It is often the first indicator to show an overbought or oversold signal.
Rate of Change: The rate of change signal is moving sideways indicating no real change in prices should be expected.
- Settings: Rate Of Change is set for a 21 period. This indicator looks back 21 days and compares price action from the past to the present. With the Rate Of Change, prices are rising when signals are positive. Conversely, prices are falling when signals are negative. As an advance rises the Rate Of Change signal should also rise higher, otherwise the rally is suspect. A decline should see the Rate Of Change fall into negative signals. The more negative the signals the stronger the decline.
Support and Resistance Levels To Be Aware Of:
3000 is resistance
2960 is light support
2950 was light support
2900 is light support
2860 is light support
2840 is support
2800 is strong support
2795 is light support
2745 to 2750 is light support
2725 is light support
2700 is light support
2675 is light support
2650 is support
2625 is light support
2600 is support.
Stock Market Outlook for Tomorrow – Fri Oct 25 2019
In just one day on Thursday, the technical indicators have shifted with none pointing higher and almost all pointing sideways or unchanged.
The up signal from Moving Average Convergence / Divergence is still strong at 5.20 but is not climbing.
The Slow Stochastic is showing extremely overbought and the signal is now neutral.
This continues to suggest no break yet in the sideways pattern we have seen this week. The underlying bias is still to climb, but as you have seen for the week, this is a slow climb just inching a few points a day.
Friday looks to be no different. Expect a positive close but only slightly higher.
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